Marlette Regional Hospital
Marlette, Sanilac County, MI
· CCN 231330
Licensed to Marlette Regional Hospital
Composite
36.2
rank score
Distress
44
FY2024
Fit
41
vs thesis
Estimated ticket
$2.1M–$4.2M
25 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- operating margin negative
- total margin under 2%
- 60-90 days cash on hand
- occupancy below 30%
- margin deteriorating sharply
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- very low occupancy — limited volume to learn from
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $43.4M |
| Operating margin | -2.7% |
| Total margin | 1.9% |
| Days cash on hand | 77 |
| Current ratio | 4.73 |
| Occupancy | 15% |
Facility
| Beds | 25 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $85.0K |
| Per-bed (high) | $170K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 25 | $35.2M | $9.5M | 2.2% | 21.6% | 178 | 3.87 | 18% | 200 | 9 |
| 2022 | 25 | $35.5M | $1.7M | -2.9% | 4.4% | 160 | 5.15 | 15% | 200 | 24 |
| 2023 | 25 | $36.1M | $784K | -6.1% | 2.0% | 108 | 7.81 | 7% | 99 | 36 |
| 2024 | 25 | $43.4M | $870K | -2.7% | 1.9% | 77 | 4.73 | 15% | 324 | 44 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Andrew Daniels | corporate officer | 2024-01 | ||
| Andrew Daniels | w-2 managing employee | 2024-01 | ||
| Angela Mcconnachie | corporate director | 2023-01 | ||
| Angela Mcconnachie | w-2 managing employee | 2023-01 | ||
| Bluewater Healthcare Network | operational/managerial control | 2012-12 | ||
| Carol Starling | corporate director | 2024-01 | ||
| David Messing | corporate director | 2018-10 | ||
| Erik Tamlyn | corporate director | 2024-01 | ||
| Faith Fahrner | corporate director | 2024-01 | ||
| Gail Denton | corporate director | 2016-05 | ||
| Judy Brown | corporate director | 2024-01 | ||
| Kimberly Gentner | corporate officer | 2024-01 | ||
| Kimberly Gentner | w-2 managing employee | 2024-01 | ||
| Patrick Curtis | corporate director | 2024-01 | ||
| Paul Rohling | corporate director | 2024-01 | ||
| Scott Orr | corporate director | 2009-11 | ||
| Steven Ellis | corporate director | 2024-01 | ||
| Victoria Meiburg | corporate director | 2022-05 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.